You compared a public official to a private businessman and there is a world of difference. Public officials represent ME and make decisions about my money, my community and things that have a direct impact on my life. Therefore, I have a right to know who they are and what they believe.... Not to prosecute them or take their private property away, but to determine if their character and moral standards earn them the right to represent my views and beliefs, and make desisions on my behalf.
You're correct about one thing though... His privacy is not a defense... it's an American right that's afforded to every private citizens. If that weren't true, warrants for phone taps and searching your home would not exist now, nor would they have ever existed.
Forcing him to sell that which he owns and has paid for, not having committed any crime or inflicted harm on others, violates the principals this nation was founded on. The league may have the legal right to force him to sell the team, but that doesn't make it right and it damned sure doesn't make it consistent with the values and freedom the nation was founded on.
You want to play thought police, that's your choice... I choose to honor and respect American principals, aka "do what is right".